Backus, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Backus, MN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Backus Housing Market Information

With 246 people, 168 houses or apartments, and a median cost of homes of $152,209, Backus real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Backus, accounting for 75.00% of the city's housing units. Other types of housing that are prevalent in Backus include mobile homes or trailers ( 12.74%), duplexes, homes converted to apartments or other small apartment buildings ( 5.66%), and a few large apartment complexes or high rise apartments ( 5.19%).

Dwellings in Backus tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.53% of the homes in Backus have two or fewer bedrooms.

There is a lot of housing in Backus built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Backus built between 1940-1969 ( 34.91%). A lesser amount of the housing stock also hails from before 1939 ( 19.81%). There's also some housing in Backus built between 2000 and later ( 9.43%).

Vacant housing appears to be an issue in Backus. Fully 20.75% of the housing stock is classified as vacant. Left unchecked, vacant Backus homes and apartments can be a drag on the real estate market, holding Backus real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Backus Home Appreciation Rates

Backus's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Backus during the period has been just -0.80%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Backus's appreciation rate, at 3.45%, has been at or slightly above the national average. In the latest quarter, Backus's appreciation rate has been -0.47%, which annualizes to a rate of -1.86%.

Relative to Minnesota, our data show that Backus's latest annual appreciation rate is lower than 70% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$152,209

Backus, MN HOME PRICES

Value Range
> $1,077,000 0.9
$807,001 - $1,077,000 0.3
$538,001 - $807,000 2.4
$431,001 - $538,000 2.6
$323,001 - $431,000 6.2
$215,001 - $323,000 14.5
$108,001 - $215,000 41.9
$54,001 - $108,000 20.9
$0 - $54,000 10.2

Low for MN
Average for Nation

Value Relative to Nation Value Relative to State
49.0741825852572 66.1190965092403

Number Of Homes And Apartments:
168

Backus Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
46.42% 2.24% 7 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$824 / per month

Homeownership Rate

Homeownership
Owners 66.67
Renters 33.33
Vacant 20.75

Housing Market Details

 

Age of Homes

AGE OF Backus HOMES
2000 or Newer 9.4
1970 - 1999 35.8
1940 - 1969 34.9
1939 or Older 19.8

Types of Homes

TYPE OF Backus HOMES
Single-Family 75.0
Townhomes 1.4
Small Apt. Buildings 5.7
Apt. Complexes 5.2
Mobile Homes 12.7
Other 0.0

Home Size

SIZE OF Backus HOMES
No Bedroom 0.00
1 Bedroom 15.09
2 Bedrooms 34.43
3 Bedrooms 42.92
4 Bedrooms 4.72
5 or more bedrooms 2.83

Popular Neighborhoods in Backus

Zip Codes in Backus, MN